City Office REIT Inc. (CIO) Hits New 12-Month High at $13.28
City Office REIT Inc. (NYSE:CIO) shares hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $13.28 and last traded at $13.23, with a volume of 248,224 shares traded. The stock had previously closed at $13.13.
Several research analysts have issued reports on the company. Deutsche Bank AG assumed coverage on City Office REIT in a research report on Tuesday, May 31st. They issued a “buy” rating and a $14.00 target price on the stock. Compass Point reissued a “buy” rating and issued a $13.00 target price (up from $12.50) on shares of City Office REIT in a research report on Thursday, May 12th. Zacks Investment Research cut City Office REIT from a “buy” rating to a “hold” rating in a research report on Friday. Finally, Wunderlich dropped their target price on City Office REIT from $15.50 to $14.00 and set a “buy” rating on the stock in a research report on Monday, May 9th. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus target price of $13.80.
The firm’s 50-day moving average price is $12.16 and its 200-day moving average price is $11.78.
City Office REIT (NYSE:CIO) last released its quarterly earnings results on Thursday, May 5th. The company reported $0.32 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.19) by $0.51. The company earned $16.30 million during the quarter, compared to the consensus estimate of $16.33 million. City Office REIT’s revenue for the quarter was up 44.2% on a year-over-year basis. On average, analysts forecast that City Office REIT Inc. will post ($0.69) earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, July 21st. Stockholders of record on Thursday, July 7th will be given a $0.235 dividend. This represents a $0.94 annualized dividend and a dividend yield of 7.09%. The ex-dividend date is Tuesday, July 5th.
A hedge fund recently raised its stake in City Office REIT stock. State of New Jersey Common Pension Fund D boosted its position in shares of City Office REIT Inc. (NYSE:CIO) by 42.1% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 135,000 shares of the company’s stock after buying an additional 40,000 shares during the period. State of New Jersey Common Pension Fund D’s holdings in City Office REIT were worth $1,644,000 at the end of the most recent reporting period.
City Office REIT, Inc is focused on acquiring, owning and operating Class A and B office properties located within its target markets in the United States. The Company operates in the office properties segment. The Company has over 10 primary target markets, which are located in metropolitan areas in the Southern and Western United States.
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